This was a question that a client asked me recently right after he signed his purchase and sale agreement and handed me the deposit check. It was, in fact, a reasonable thing to ask under the circumstances.
Following all of the activity that ensues during a home search, who would not question when everything suddenly grinds to a standstill? The process takes some time, usually months, and while it is happening you are:
- Looking through listings and suggestions provided by your broker.
- Driving around to various neighborhoods to decide what they are comfortable with.
- Telling your broker which properties may be good candidates.
- Attending all of the home showings set up for you.
At the same time your broker is:
- Looking through all MLS and For Sale by Owner Listings
- Driving around to various neighborhoods to see what may be suitable for you.
- Previewing potential homes.
- Showing you all of the best homes available for your needs.
Next, during the offer stage your broker is:
- Looking up comparable sales in the neighborhood, preparing a full analysis on the potential value of the home and coming up with a suggested offer price.
- Writing up the paperwork with appropriate dates and contingencies.
- Negotiating the offer for you.
- Performing due diligence on the property by going to the town hall, checking for adjacent property issues, possible flood zone or wetlands on the property or any conservation concerns.
Following the successful negotiation of the offer, a home inspection is conducted. During that time your broker is:
Attending the home inspection, reviewing the report with you and negotiating any repairs that may have come out of it.
After the home inspection is the purchase and sale agreement during which time your broker is:
- Making sure that all the appropriate tests have been completed including possibly radon, water tests and lead paint.
- Going over the Title V Report if there is a private septic system.
- Getting the appropriate signatures on the contract and ensuring the prompt delivery of it with the deposit check, meeting the predetermined specified date.
When all of those tasks are completed, who wouldn't want to know what there is left to expect?
Actually, there are still a few things that are yet to happen. The appraisal takes place, the mortgage contingency is completed and a final walk-through is conducted. And, of course, you eventually have your closing and the transfer of the home's ownership into your name.
However, up to that point, it's never the wrong question to ask - "What happens next?"
Copyright 2010 "The Home Search is Done - What Happens Next?"
Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230
Find the Right Buyer Broker in MetroWest Massachusetts
MLS Property Search With No Registration Required
Comments(8)